Homegrown micro-blogging platform Koo on Wednesday announced to discontinue its services to the public after partnership talks fell through. "We explored partnerships with multiple larger internet companies, conglomerates and media houses but these talks didn’t yield the outcome we wanted," Koo founders Aprameya Radhakrishna and Mayank Bidawatka wrote in a LinkedIn post. “Most of them didn’t want to deal with user-generated content and the wild nature of a social media company. A couple of them changed priority almost close to signing," they added. Koo, which secured more than 60 million dollars in funding from prominent investors like Tiger Global and Accel, faced significant challenges in expanding its user base and generating revenue over the past year. In February, media firm Dailyhunt was in the advanced stages of talks to acquire Koo, TechCrunch reported. Further in the post, the founders mentioned that "at our peak, we were about 2.1 million daily active users and around 10 million monthly active users, over 9000 VIPs, that included some of the most eminent personalities from various fields". "We were just months away from beating Twitter (now X) in India in 2022 and could have doubled down on that short-term goal with capital behind us," they added. The founders also mentioned that the mood of the market and the funding winter "got the better of us." Also read: Easy investment guide for Gen Z: Top tips from finance gurus
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02 July,2024 09:40 PM IST | Mumbai | Krishna Prasad | Krishna PrasadMarket regulator Securities and Exchange Board of India (SEBI), as per directions by the Supreme Court, has issued a show-cause notice to Hindenburg Research, its sole beneficial owner Nathan Anderson and Mark Kingdon who is the ultimate beneficial owner of Mauritius-based entities, for trading violations in the scrip of Adani Enterprises, leading up to Hindenburg report and thereafter. In the show-cause notice, it is alleged that Hindenburg colluded with others to build short positions in the scrip of Adani Enterprises Limited (AEL). Hindenburg and Anderson are also alleged to have disseminated misleading information through the Hindenburg report (dated January 24, 2023), thereby inducing panic selling in AEL, among other securities. The Supreme Court, by its judgment and order dated January 3, 2024, issued directions to SEBI and the investigative agencies of the Union government to probe into whether the loss suffered by Indian investors due to the conduct of Hindenburg and any other entities in taking short positions involved any infraction of the law and if so, to take suitable action. In a previous order passed in the Writ Petitions, the Supreme Court took note of the loss of investor wealth in the aftermath of the report and recognised the dire need to protect Indian investors from unanticipated volatility in the market. SEBI's investigation exposed that Kotak Mahindra and Hindenburg conspired together to take short positions in Adani shares. Hindenburg agreed to take a 25 per cent profit cut from shorting, resulting in millions of dollars in profit. Chats from Kotak Mahindra bank executives, mentioned by SEBI in their show-cause notice, reveal how Kotak set up offshore funds to route money and take short positions in Adani futures, generating profits of $22.11 million. SEBI's show-cause notice also exposes how Hindenburg's report was full of conjectures, lies and misrepresentations, with the sole intention of maximising profits from their short positions. Instead of addressing SEBI's investigation, which is based on documents and proof obtained from US courts and SEC records, Hindenburg has started attacking SEBI, calling them biased. Despite claiming small profits from shorting Adani, SEBI's investigation reveals Hindenburg also made $9.2 million by taking short positions in ETFs and options on the MSCI India Index, and trading in bonds of Adani Electricity Mumbai Limited, AGEL, and APSEZ. SEBI also found that Hindenburg misrepresented Supreme Court judgment findings, alleged government corruption and bribery without proof. The show-cause notice states as to why action should not be taken against them under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) -- read with Sections 15HA and 15HB of the SEBI Act, 1992 -- which provide for the issuance of directions, including restraint from access to the securities market, and levying of monetary penalty. Hindenburg has claimed that it did not provide research notice to Kingdon prior to sharing the draft report and Kingdon did not share the trading notice with Hindenburg before the report was shared publicly through mass email.
02 July,2024 02:43 PM IST | Mumbai | IANSEarly trading on Tuesday saw the equity benchmark indexes Sensex and Nifty reach new all-time highs, propelled by a surge in global markets and robust purchasing of IT stocks. In early trading, the 30-share BSE Sensex increased 379.68 points to a record high of 79,855.87. The Nifty reached a record high of 24,236.35, up 94.4 points, reported PTI. According to the report, among the Sensex stocks, the top gainers were Power Grid, HDFC Bank, Bharti Airtel, Infosys, HCL Technologies, and Tata Consultancy Services. ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, and Tata Motors all experienced decreases. Profit booking surfaced despite the positive start, which led the indices to reduce early gains and trade in negative territory. The larger NSE Nifty dropped 25.65 points, or 0.11 per cent, to 24,116.30 points, while the BSE Sensex slid 77.93 points, or 0.10 per cent, to 79,398.26 points. The BSE benchmark closed at an all-time high of 79,476.19 on Monday, up 443.46 points, or 0.56 per cent. The Nifty increased by 131.35 points, or 0.55 per cent, to end at 24,141.95, a new all-time high, the report added. Per the news report, Seoul saw a decrease on Tuesday, but Tokyo, Shanghai, and Hong Kong saw positive activity. On Monday, US markets concluded the day higher. According to sources on Monday, India's gross GST collection rose by 8 per cent to Rs 1.74 lakh crore in June. The benchmark for world oil, Brent crude, increased 0.23 per cent to USD 86.80 a barrel. According to market data, foreign institutional investors (FIIs) sold stocks on Monday for a total of Rs 426.03 crore, the report added. Rupee falls 12 paise to 83.56 against US Dollar in early trade Meanwhile, in early trade on Tuesday, the rupee fell 12 paise to 83.56 against the US dollar, weighed down by the dollar's strength in global markets and rising crude oil prices. Forex traders noticed that oil importers and foreign portfolio investors (FPIs) purchased US dollars as US yields rose, putting more pressure on the currency. The rupee opened at 83.51 versus the dollar on the interbank foreign exchange market before falling to 83.56, a 12-paise drop from its previous closing level. On Monday, the rupee had already depreciated by 10 paise to settle at 83.44 against the US dollar. Initially, the rupee saw dollar inflows and rose to 83.37, but was then sold off to 83.44 levels as oil companies and FPIs bought dollars in response to rising US yields, explained Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the report added. Bhansali predicted that the rupee would reach 83.55 before settling around 83.45, with a day trading range of 83.40 to 83.55. Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was trading slightly higher at 105.91, up 0.02 per cent, following a rise in US government yields as investors weighed the potential consequences of a second Trump administration. Brent crude futures, the global oil benchmark, rose by 0.22 per cent to USD 86.80 per barrel. With PTI inputs
02 July,2024 10:00 AM IST | Mumbai | mid-day online correspondentProperty registrations in the Mumbai municipal region rose by 12 per cent year-on-year in June, reaching 11,575 units due to increased demand for housing, according to Knight Frank. According to data from the Maharashtra government web, collated by real estate expert Knight Frank, Mumbai city (under Brihanmumbai Municipal Corporation jurisdiction) registered 11,575 units in June, up from 10,319 units the previous year. However, this was slightly less than May's 12,000 registrants, reported PTI. Per the PTI report, the majority of these registrations were for housing properties. Strong buyer confidence has kept monthly property registrations in Mumbai above 10,000 throughout the first half of 2024. June 2024 saw the largest number of property registrations of any June in the previous 12 years. Knight Frank credited this growth to increased economic prosperity and a positive attitude towards homeownership. The PTI report quoted Shishir Baijal, Chairman & Managing Director of Knight Frank India, stating, "The continuous year-on-year growth in property sale registrations underscores the resilience of Mumbai's real estate market". Despite rising property prices, Baijal highlighted that home registrations have remained solid, indicating buyers' confidence in the country's economic prospects. He expects this upward trend to continue, fueled by solid GDP growth, growing income levels, and low interest rates, the report added. "This positive trend is expected to persist, driven by strong GDP growth, rising income levels, and a favourable interest rate environment," Baijal said. Akhil Saraf, founder and CEO of proptech startup Reloy, commented on the trend, stating that real estate demand is increasing, with both end users and investors actively buying homes. He emphasised that the increase in average revenue collection from stamp duty and registration fees reflects rising property prices. Despite this, demand is strong, demonstrating buyer optimism about the economy and its prospects, the news agency reported. "The rise in average revenue collection through stamp duty and registration fees also indicates an increase in property prices. Despite this, demand remains strong, reflecting positive sentiments and confidence of buyers and investors towards the economy and future prospects," Saraf said, per the report, and added, "Developers are aligning their product launches with the types of properties currently in demand."
30 June,2024 12:59 PM IST | Mumbai | mid-day online correspondentAfter opening at a record high on Wednesday, the Indian benchmark indices traded flat. The Nifty 50 finished at 23,408, down 36 points, despite reaching a new high of 23,664.00. In contrast, the Sensex closed in green at 77,331, up 54 points. The Bank Nifty gained nearly 1,400 points, setting a new all-time high. Private banks outperformed the Nifty, with HDFC Bank, Axis Bank, RBL Bank, ICICI Bank, IndusInd Bank, and Kotak Bank all making large gains. Notably, the Nifty Bank index rose to 51,900 for the first time, led by Axis Bank, HDFC Bank, ICICI Bank, and IndusInd Bank. Bank stocks gained approximately Rs 81 crore in market capitalisation during the day, reported ANI. According to the report, banking and market expert Ajay Bagga stated, "Volatile day, with banks shining and some IT counters rising in an otherwise flat to lower day. The broader indices were also lower. High-flying sectors like defence saw profit taking and fell sharply from lofty levels that were being decried by experienced investors as a source of worry." He continued, "Overall a flat day with selling coming in at every rise. Markets likely taking money off the table while fresh inflows are being directed into large private sector banks given their relative underperformance over the last few months." Axis Bank's stock climbed after reports that it expanded its stake in Max Life from 19.02 per cent to 19.99 per cent, the ANI report stated. The news agency report further stated that sectoral indices such as FMCG, Media, Metal, Pharma, and Realty stayed in the red, extending their losses from the previous trading day. In contrast, public and private banks, as well as financial and information technology equities, did strongly. Major IT companies, such as Wipro and HCL Tech, reported growth. Adani Ports also traded in the green. Meanwhile, according to a PTI report, the BSE benchmark Sensex rose 308.37 points, or 0.40 per cent, to settle at 77,301.14 on Tuesday. The Nifty rose by 92.30 points, or 0.39 per cent, to a record closing high of 23,557.90. The rupee was volatile, trading between 83.35 and 83.50, with strength at the open at 83.35, the ANI report stated.
19 June,2024 04:05 PM IST | Mumbai | mid-day online correspondentThe Securities and Exchange Board of India (SEBI) has recommended stiffer guidelines for including individual equities in the derivatives segment. This programme seeks to eliminate equities with continuously low turnover from the Futures & Options (F&O) division of stock exchanges. SEBI underlined the hazards associated with low-turnover derivatives equities in a consultation paper released earlier this month, including potential market manipulation, higher volatility, and weakened investor protection. "Without sufficient depth in the underlying cash market and appropriate position limits around leveraged derivatives, there can be higher risks of market manipulation, increased volatility, and compromised investor protection," SEBI said per the PTI report. According to the report. SEBI stressed the need to ensure that the derivatives section only includes high-quality stocks that are large, liquid, and have market depth. To that aim, SEBI suggests revising the existing market eligibility criteria to reflect changing market conditions. The last review of these criteria was done in 2018. According to the proposed plan, a stock must meet numerous requirements in order to be qualified for derivative trading:1. It must have traded on at least 75 per cent of trading days.2. At least 15 per cent of active traders, or 200 members (whichever is lower), should have traded the stock.3. The average daily turnover should be between Rs 500 and Rs 1,500 crore.4. The average premium daily turnover must be at least Rs 150 crore. Furthermore, the plan calls for increasing the maximum number of open contracts for the underlying stock from Rs 500 crore to Rs 1,250 crore to Rs 1,750 crore. These strategies seek to ensure that derivatives stocks have adequate turnover, open interest, and widespread involvement, the report added. SEBI further directed that equities should continue to be chosen from the top 500 based on their average daily market capitalization and average daily traded value. The stock's Median Quarter-Sigma Order Size in the last six months should be between Rs 75 and Rs 100 lakh, up from the present minimum of Rs 25 lakh. The minimum rolling average daily delivery value in the cash market for the past six months should be Rs 30-40 crore, an increase from the present Rs 10 crore. If a stock fails to achieve these conditions for three months in a row, it will be withdrawn from the derivatives segment, and no new contracts will be issued for that stock. SEBI is accepting public feedback on the proposal until June 19, the report added.
18 June,2024 01:38 PM IST | Delhi | mid-day online correspondentDomestic markets began the week on a positive note, with both the Nifty 50 and the BSE Sensex rising. The Nifty 50 surged by 60 points to 23,529, while the BSE Sensex climbed 101 points to 77,195 shortly after trading began. Except for Nifty Pharma, Nifty Healthcare, and Nifty MidSmall Healthcare, all sectoral indices began the week strongly, reported ANI. According to the report, the markets reopened today after being closed on Monday for Eid al-Adha. Ajay Bagga, a banking and market specialist, highlighted significant market drivers, such as the incoming government's 100-day agenda and future Union Budget initiatives. He also emphasised the importance of selecting the Speaker of the Lok Sabha and announcing the BJP President. "PSU companies, banks, capital goods, infrastructure, railways, and defence stocks are the preferred bets in the Indian markets," he stated per the ANI report. Reportedly, the top gainers in the Nifty 50 were Adani Enterprises, Wipro, Adani Ports, Mahindra & Mahindra, and Titan. The top losers were Dr Reddy's, Maruti, TCS, HDFC Life, and Divis Labs. Hindustan Aeronautics' shares rose more than 4 per cent after winning a Defence Ministry procurement worth more than Rs 45,000 crore for 156 Light Combat Helicopters. All NSE indices, including the Nifty 100, Nifty Next 50, Nifty Midcap, and Nifty Smallcap, rose in early trading. Asian markets rose, boosted by gains in US technology behemoths, however, Chinese equities were pressured by a worsening housing downturn in May. The Australian central bank is set to keep its benchmark interest rate at 4.35 per cent, while US markets await retail sales data and Federal Reserve speeches ahead of Wednesday's holiday, the ANI report stated. European stock markets fluctuated due to fears over the forthcoming French election, with France's index rising nearly 1 per cent and Germany's index rising 0.4 per cent. In the commodity market, gold fell 0.5 per cent to USD 2320/ounce as traders awaited signals from US authorities. Brent crude rose 2 per cent to a one-month high above USD 84 a barrel on expectations of rising global demand and OPEC+ continuing production cuts, the ANI report further stated.
18 June,2024 12:48 PM IST | Mumbai | mid-day online correspondentDespite ongoing macroeconomic challenges, India is setting a new precedent with Diversity, Equity, and Inclusion (DE&I) hiring (LGBTQIA+, women, and persons with disabilities), as the country witnessed 30 to 35 per cent rise in diversity hiring over the past five years, new data showed on Friday. NLB Services, a global technology and digital talent solutions provider, has also observed a 10-15 per cent increase in the hiring of LGBTQIA+ talent alone over the past 3-4 years. In terms of sector-wise hiring, the Banking, Financial Services and Insurance (BFSI) sector employs the largest percentage of LGBTQIA+ talent of the available workforce at 18-20 per cent, followed by the IT sector at 15-18 per cent, and the consulting sector at 12-15 per cent. Major Tier 1 cities are leading in hiring across diverse groups based on job share percentages, but Tier 2 cities like Bhopal, Bhubaneswar, Chandigarh, Jaipur, Kochi, and Lucknow are also making significant progress in promoting LGBTQIA+ talent recruitment, said Sachin Alug, CEO, NLB Services. This emphasis on inclusivity is creating more representative workforces and fostering professional environments that encourage innovation and resilience, he added. In addition, Alug noticed that clients are increasingly highlighting the hiring of talent from the LGBTQIA+ community, aiming to build more inclusive and representative teams. Also Read: Attend these unique events in Mumbai to celebrate the LGBTQiA+ community This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
14 June,2024 02:05 PM IST | Mumbai | IANSThe Indian rupee fell 6 paise to 83.54 against the US dollar in early trade on Thursday, driven by the US currency's strength in global markets and rising crude oil prices. Forex traders remarked that the rupee was also under pressure due to weak domestic macroeconomic indicators. At the interbank foreign currency market, the rupee began at 83.52 and fell to 83.54 against the dollar, a 6-paise reduction from its previous closing level. On Wednesday, the rupee rose 11 paise to settle at 83.48 against the US dollar. The dollar index, which measures the US dollar's strength against six major currencies, rose 0.14 per cent to 104.78. Meanwhile, Brent crude futures, the global oil benchmark, lost 0.34 per cent to USD 82.32 per barrel. According to Amit Pabari, MD of CR Forex Advisors, the declining US CPI, combined with the Federal Reserve's expected rate cuts in 2024 and strong economic fundamentals in India, could lead to negative sentiment for the dollar, pushing the dollar index to 103.50 and appreciating the rupee. Additionally, the Reserve Bank of India (RBI), with USD 651 billion in reserves, is expected to act to prevent substantial currency devaluation. Pabari expected the rupee to move between 82.90 and 83.70. "Given these factors, the rupee is forecasted to oscillate within a range of 82.90 to 83.70," Pabari added. On the domestic front, India's industrial production growth dipped to a three-month low of 5 per cent in April 2024, owing to poor performance in the manufacturing sector, despite good output in the mining and power sectors. Meanwhile, retail inflation fell to a one-year low of 4.75 per cent in May, owing to a small drop in food costs, remaining below the RBI's target of 6 per cent. In early trade, the BSE Sensex surged 306.75 points, or 0.40 per cent, to 76,913.32, while the NSE Nifty gained 115.30 points, or 0.49 per cent, to 23,438.25 points. In Asian markets, Seoul and Hong Kong were trading higher, while Tokyo and Shanghai were lower. US markets closed mostly with gains. Foreign institutional investors (FIIs) were net purchasers on Wednesday, buying shares worth Rs 426.63 crore, according to exchange data.
13 June,2024 10:07 AM IST | Mumbai | mid-day online correspondentRBI Governor Shaktikanta Das announced the second bi-monthly monetary policy for the financial year 2024-25 at 10 am on Friday. This marks the RBI's first policy announcement since the results of the Lok Sabha elections 2024. The RBI has decided to keep the policy rate unchanged for the eighth time in a row, saying it will maintain a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022. The Monetary Policy Committee (MPC), chaired by Governor Das, has been convening in Mumbai this week to deliberate on key policy decisions amidst a challenging economic landscape. Announcing the second bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent. RBI Governor Das said, "The MPC met on the 5th, 6th and 7th June 2024. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 4 to 2 majority to keep the policy repo rate unchanged at 6.50 per cent." He said MPC will remain watchful of elevated food inflation amid the expectation of a normal monsoon. The RBI raised the growth projection to 7.2 per cent from an earlier estimate of 7 per cent for the current financial year. The government has mandated the RBI to ensure CPI inflation at 4 per cent with a margin of 2 per cent on either side. According to the reports from ANI, the central bank's stance on the benchmark interest rate has garnered significant attention, particularly given the persistent inflationary pressures, especially in the food sector. The RBI's repo rate, since its last increase in February 2023 is currently held at 6.50 per cent. It is widely anticipated to remain unchanged for the eighth consecutive bi-monthly policy review. M Govinda Rao former director of the National Institute of Public Finance and Policy and member of the Fourteenth Finance Commission told ANI, "It is widely expected that the MPC will hold the policy rate in the eighth consecutive meeting." "The inflation rate, particularly the food inflation continues to be much higher than the target rate of 4 per cent," he added. Food inflation has been a persistent concern, with rural areas experiencing a 0.59 per cent rise and urban areas seeing a 1.03 per cent increase in April, leading to a combined national food inflation increase of 0.74 per cent. This trend underscores the challenges faced by the central bank in maintaining price stability. The agricultural industry is optimistic in spite of these inflationary pressures. In the upcoming months, the forecast of an above-average monsoon and expected improvements in agricultural production may serve to reduce food inflation. "Looking ahead, the forecast of above normal south-west monsoon by the India Meteorological Department (IMD) is expected to boost kharif production and replenish the reservoir levels," Das said according to a statement released by RBI on Friday. Addressing global growth and inflation in the statement, RBI governor Das said, "Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by a rebound in global trade." "Inflation is easing, but the final leg of this disinflation journey may be tough," he added. (With inputs from ANI and PTI)
07 June,2024 11:43 AM IST | Mumbai | mid-day online correspondentADVERTISEMENT
